NEW – Federal: Budget 2021 includes $4.4 billion in interest-free loans to homeowners for retrofits
Among the priorities identified in the federal budget announced on April 19, is the earmarking of $17.6 billion towards a green recovery to create jobs, build a clean economy, and fight climate change.
Of interest to CPA members is a program that will be delivered through Canada Mortgage and Housing Corporation (CMHC) that features interest-free loans to homeowners and landlords for retrofits.
Specifically, Budget 2021 proposes to provide $4.4 billion on a cash basis to the CMHC – $778.7 million on an accrual basis over five years, starting in 2021-22, with $414.1 million in future years.
The program will help homeowners complete home retrofits through interest-free loans worth up to $40,000. Loans would be available to homeowners and landlords who undertake retrofits identified through an authorized EnerGuide energy assessment.
In combination with available grants to home owners through the Greener Homes Initiative that was announced last fall, the new loan program would help eligible participants make significant, more costly retrofits that have the biggest impact in reducing a home's environmental footprint and energy bills.
This program will also include a dedicated stream of funding to support low-income homeowners and rental properties serving low-income renters, including cooperatives and not-for-profit owned housing.
It is estimated that more than 200,000 households would take advantage of this opportunity.
The program would be available by summer 2021. The CPA will be examining the details further to determine the opportunities for propane. For more information, please contact VP Government Relations, Allan Murphy, at email@example.com.